Canopy Growth Stock Forecast
Big movements in Canopy Growth stock price on Friday moving 11.81% between high and low
(Updated on Apr 19, 2024)
The Canopy Growth stock price gained 1.28% on the last trading day (Friday, 19th Apr 2024), rising from $7.83 to $7.93. During the last trading day the stock fluctuated 11.81% from a day low at $7.45 to a day high of $8.33. The price has fallen in 8 of the last 10 days and is down by -22.1% for this period. Volume fell on the last day by -4 million shares and in total, 12 million shares were bought and sold for approximately $99.03 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 71.85% during the next 3 months and, with a 90% probability hold a price between $8.19 and $20.36 at the end of this 3-month period.
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CGC Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -27.18%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Canopy Growth stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $7.41 and $6.16. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Canopy Growth stock
Canopy Growth finds support from accumulated volume at $7.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.88 between high and low, or 11.81%. For the last week, the stock has had daily average volatility of 15.58%.
Our recommended stop-loss: $7.50 (-5.46%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (CGC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Canopy Growth Corporation to open at $7.90, and during the day (based on 14 day Average True Range), to move between $6.74 and $9.12, which gives a possible trading interval of +/-$1.19 (+/-14.96%) up or down from last closing price. If Canopy Growth Corporation takes out the full calculated possible swing range there will be an estimated 29.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.69 (3.03%) than the resistance at $8.63 (8.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canopy Growth Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Canopy Growth stock to perform well in the short-term.
Current score: 3.694 Buy Candidate Unchanged
Predicted Opening Price for Canopy Growth Corporation of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $7.90 ( 0.336%) | $7.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CGC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.78 | 10.76 % | |
| R2 | 8.45 | 6.52 % | ||
| R1 | 8.24 | 3.90 % | ||
| Current price: | 7.93 | |||
| Support | S1 | 7.57 | -4.58 % | |
| S2 | 7.36 | -7.19 % | ||
| S3 | 7.02 | -11.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.78 | 23.33 % | |
| R2 | 9.55 | 20.43 % | ||
| R1 | 8.63 | 8.83 % | ||
| Current price | 7.93 | |||
| Support | S1 | 7.69 | -3.03% | |
| S2 | 7.23 | -8.83% | ||
| S3 | 6.20 | -21.82% |
FAQ
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